While even Hurricane Irene's howling winds and torrential rains couldn't close Wall Street this week, the real storm looming over the economy is the jobs crisis. The Labor Department released its dismal employment report this morning, finding that the economy added no jobs in August. As affluent investor and advisor confidence levels plummet, all eyes are on Washington to forestall what some experts warn could be another recession in 2012.
Meanwhile, in a sign of how contentious – or perhaps childish – the political climate has become, our leaders in DC had difficulty agreeing on a time next week when President Obama can present his jobs plan to Congress. The scheduling snafu was unprecedented, according to Congressional historians. The speech is now scheduled for Thursday, Sept. 8. (Umm, hello . . . Washington? Now I have a scheduling conflict.)
Health care reform news this week
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Brokers take a pay cut. The GAO noted this week that most insurers are responding to the federal health law's MLR requirements by slashing broker commissions. According to a recent study by the Agent's Sales Journal, many brokers are already migrating to the voluntary market. This could pose a problem for employers as nearly 9 out of 10 companies rely on a broker for their benefits program.
More must-read health care reform stories:
Penetrating the gibberish (New York Times)
Wellmark undecided on insurance exchange (DesMoines Register)
Uninsured but not yet informed (Kaiser Family Foundation)
U.S. must cut spending on medical technology (Bloomberg)
When Rick Perry praised HillaryCare (The Atlantic)
Health care under President Perry (Agent's Sales Journal)
Health reform implementation on one map (Washinton Post)
Steep rises in health premiums scrutinized (Wall Street Journal)
Retirement news this week
Fee disclosure regs imminent. The DOL's new disclosure requirements are set to take effect on April 1, 2012, but many in the retirement industry are scratching their heads over what will be required of them. ASPPA's Craig Hoffman notes, the details of the final regulations have yet to be determined and aren't likely to be released until October. Service providers are concerned. As Louis Harvey, president of Dalbar Inc, bluntly told the Houston Chronicle, "Employers don't really know about the fees, and it's not in the best interest in the service providers to make it crystal clear."
More must-read retirement stories:
Best practices in workplace financial education for Millennials (401khelpcenter.com)
Employers weigh adding inflation protection to 401(k) plans (Business Finance)
EBRI: Defined benefit pensions protect against retirement woes (National Underwriter)
Top 10 financial scams (AdvisorOne)
HR / Benefits news this week
COBRA subsidies get bitten. A federal subsidy that offered a 65 percent reduction in COBRA premiums expired on Thursday after Congress resisted calls to extend the subsidy for a fourth time. BenefitsPro offers five tips for unemployed workers figuring out how to cope without the subsidy.
More must-read HR/Benefits stories:
Does obesity qualify as child abuse? (Los Angeles Times)
Employers find value in wellness (BenefitsPro)
Which business-trip fees will employers cover? (Los Angeles Times)
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This week's most popular story on BenefitsPro: 6 FAQs about end of COBRA subsidy
Most heated discussion on BenefitsPro:
Readers got fired up this week over Denis Storey's blog Perry's got a Romney problem, too.
This week's BenefitsPro blog roll:
'He ain't heavy, he's my kid . . .,' by Denis Storey
Inspiration is hard to find, by Jenny Ivy
Thank you, New Jersey, by Kathryn Mayer
401(k) top performers, by Dan Cole
Shifty rhetoric and the fiduciary debate, by Chris Carosa
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